Expert: The Decline In The Dollar Exchange Rate Is Not Guaranteed And Speculation Is Behind The Decline
March 2, 2025 Baghdad – Qusay Munther Economist Mahmoud Dagher attributed the reasons for the decline in the dollar price in local markets to the filling of the dollar portfolios of neighboring countries. Dagher said in a statement yesterday that (the influx of large amounts of dollars to neighboring countries has led to their hard currency reserves being filled, which has contributed to the decline in the dollar price in local markets), noting that (the continuation of this decline is not guaranteed, given the existence of speculation in the dinar market that may affect the stability of the exchange rate).
Local markets in Baghdad and the Kurdistan Region have witnessed a gradual decline in the dollar price, as it currently stands at 147 dinars per hundred dollars in Baghdad, while it has recorded 146,300 dinars per hundred dollars in the region.
At the same time, the Central Bank of Iraq has lifted the smoke from local brick factories by launching an environmental initiative aimed at converting these factories from using polluting fuel to clean energy, in line with global trends to confront climate change, which paves the way for a more sustainable economy, and puts Iraqi industry on the cusp of a green transformation that contributes to reducing carbon emissions and protecting the environment.
The bank said in a statement received by (Al-Zaman) yesterday that (in light of global trends, and in line with the policies of central banks in reducing carbon emissions and enhancing environmental sustainability, we announce the adoption of clean energy solutions in coordination with the Ministry of Environment, which contribute to achieving sustainable development),
and indicated that (based on this role, we announce the inclusion of local brick factories in soft loans for the renewable energy initiative to shift from the use of polluting fuel, black oil, to cleaner fuel, liquefied gas, to reduce air pollution, raising the loan ceiling to 500 million dinars for each factory through licensed Iraqi banks),
and the statement explained that (the bank also decided to support the Environmental Protection and Improvement Fund with an amount of one billion dinars to confront air pollution and the resulting environmental changes),
and went on to say that (these decisions come in response to the requirements of green economic development, reducing the environmental impact of industry and supporting the gradual transition towards a more sustainable economy).
The bank confirmed that gold reserves recorded a growth of 45.1 percent. The statement said that (the bank’s gold reserves recorded a growth of 45.1 percent in the fourth quarter of last year compared to the same quarter of the previous year, as they rose from 12.29 trillion dinars in the fourth quarter of 2023 to 17.83 trillion dinars for the same quarter of the same year,
as a result of the increase in the quantity and prices of gold), noting that (this carries great benefits as it enhances economic and financial stability and protects against risks, and is considered an important tool for intervening in the exchange market).
In a related context, foreign and Iraqi gold prices decreased in the local markets in Baghdad, while they stabilized in Erbil.Experts said that (gold prices in the wholesale markets of Al-Nahr Street in Baghdad recorded a selling price for one mithqal of 21 karat Gulf, Turkish and European gold of 590 thousand dinars, and the purchase price of 586 thousand dinars),
adding that (the selling price of one mithqal of 21 karat Iraqi gold recorded at 560 thousand dinars, and the purchase price reached 556 thousand), stressing that (gold prices in goldsmiths’ shops for the Gulf mithqal of 21 karat range between 590 and 600 thousand dinars,
while the sale of the Iraqi gold mithqal ranges between 560 and 570 thousand dinars), and the experts went on to say that (gold prices in Erbil recorded stability, as the price of 24 karat gold reached 685 thousand dinars for sale, 22 karat gold reached 628 thousand dinars, 21 karat gold reached 600 thousand dinars for sale, and 18 karat gold reached 515 thousand dinars).
Meanwhile, Rafidain and Rashid banks have started disbursing the salaries of civilian and military retirees for the current month of March. A statement received by Al-Zaman yesterday said that “Rafidain and Rashid banks have raised the salaries of civilian and military retirees for the current month of March,” and the two banks stressed that “beneficiaries should visit their branches and electronic payment centers to receive their financial dues.”
The National Retirement Authority had previously announced the disbursement of retirees’ salaries for the month of March. The Authority’s Deputy Chairman, Hussam Abdul Sattar, said in a statement yesterday that “the salaries of retirees for the current month have been disbursed.”
Calling on retirees who receive text messages to (review the disbursement outlets to receive their salaries gradually).
Meanwhile, the Ministry of Labor and Social Affairs launched the social assistance payment for the month of March. A statement by the ministry received by Al-Zaman yesterday stated that (the ministry announces the launch of the social assistance payment for the current month, which includes more than two million and 117) thousand families, with a total amount exceeding 457 billion dinars).
For his part, the head of the Social Protection Authority, Ahmed Al-Moussawi, said that (the number of families covered by the assistance supported by men has reached more than one million and 536 thousand families, with a total amount exceeding 368 billion dinars, while the number of families supported by women has reached more than 581) thousand families, with a total amount exceeding 88 billion dinars),
calling on the beneficiary families to (review the disbursement outlets to receive the assistance allocated to them), stressing (the necessity of following up on the announced disbursement dates to ensure receipt of the amounts), and he went on to say (the beneficiaries must not withdraw the full amounts deposited in their cards, to benefit from the discount service that reaches 15 percent in hypermarkets, which has officially entered into force). LINK
The Dollar Continues Its Sudden Decline In The Irayqi Markets With The Closure Of The Stock Exchange
Economy | 05:56 – 02/03/2025 Mawazine News – The US dollar prices witnessed a decline today, Sunday, in the markets of the capital Baghdad and Erbil, the capital of the Kurdistan Region, with the closure of the stock exchange in the country.
The dollar prices decreased with the closure of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 147,500 dinars per 100 dollars, while the prices were 147,800 dinars per 100 dollars this morning.
As for the selling prices in exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 148,500 dinars per 100 dollars, while the purchase price reached 146,500 dinars per 100 dollars.
In Erbil, the dollar also recorded a decline, as the selling price in exchange shops reached 146,800 per 100 dollars, while the purchase price reached 146,700 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=259931
IMF Confirms Support For Iraq In Developing Financial Policies
Money and business Economy News – Baghdad
The Ministry of Finance confirmed, on Sunday, that the Iraqi government is committed to achieving financial sustainability that supports development and stimulates investment, while the International Monetary Fund expressed its support for Iraq in developing financial policies.
A statement by the ministry, seen by Al-Eqtisad News, stated that “the Iraqi delegation concluded its meetings with the International Monetary Fund in Amman during the period from February 24 to 26, 2025, with the participation of the Minister of Finance, Taif Sami Muhammad, and the Governor of the Central Bank of Iraq,” noting that “the economic performance of Iraq and the prospects for sustainable growth were discussed, amid appreciation for the progress made.”
The statement added, “The discussions, in which experts from the Ministries of Finance, Planning, Oil, Electricity and the Central Bank participated, focused on macroeconomic indicators, where a remarkable growth in non-oil GDP was recorded at 5% for the year 2024, driven by the expansion of the agricultural sector and the increase in public spending, with growth expected to continue at 3.5% in 2025.”
The mission confirmed, according to the statement, that “these figures reflect an improvement in economic diversification and a reduction in dependence on oil, which enhances the stability of the national economy, in addition to reviewing actual expenditures and expected revenues for the year 2024 and expectations for the year 2025 and how to finance the deficit.”
The statement added that “the meeting discussed updating the public debt strategy with mechanisms that ensure public financial sustainability and enhance investor confidence in government bonds. The IMF also stressed the importance of developing the banking sector to support investments and attract foreign capital, which contributes to creating a more stable financial environment.”
The Fund confirmed, according to the statement, “its support for Iraq in developing financial policies by providing advisors and experts to assist the Ministry of Finance in managing public debt and improving the tax system in line with the requirements of economic growth.”
The statement added, “Within the framework of enhancing financial stability, it was agreed to intensify efforts to expand cooperation with foreign correspondent banks, which facilitates foreign trade financing operations, in addition to enhancing the use of the Iraqi dinar in major transactions, which enhances the strength of the national currency.”
The meetings stressed the continued progress in financial and economic reforms, reflecting the Iraqi government’s commitment to achieving financial sustainability that supports development and stimulates investment, in light of an ongoing strategic partnership with the International Monetary Fund. https://economy-news.net/content.php?id=53079
Iraq, IMF Announce New Steps To Boost National Economy
Economy | 04:46 – 02/03/2025 Mawazine News – The Iraqi Ministry of Finance announced today, Sunday, the results of the meetings held with the International Monetary Fund in the Jordanian capital, Amman, where it was agreed to intensify efforts to expand cooperation with foreign correspondent banks, in a move aimed at enhancing financial stability and supporting the national economy.
A statement issued by the ministry, received by “Mawazine News”, stated:
The Iraqi delegation, headed by the Minister of Finance, Taif Sami Mohammed, and the Governor of the Central Bank of Iraq, concluded its meetings with the International Monetary Fund from February 24 to 26, 2025, where Iraq’s economic performance and prospects for sustainable growth were discussed, indicating that the progress achieved in various economic sectors was appreciated.
yThe statement indicated that the discussions focused on macroeconomic indicators, as a remarkable growth in non-oil GDP was recorded at 5% for the year 2024, supported by the expansion of the agricultural sector and the increase in public spending, indicating that growth was expected to continue at 3.5% in 2025, reflecting an improvement in economic diversification and a reduction in dependence on oil, which enhances the stability of the national economy.
The meeting also addressed updating the public debt strategy, emphasizing the importance of developing the banking sector to support investments and attract foreign capital, which contributes to improving financial stability.
The International Monetary Fund affirmed its support for Iraq in developing financial policies by providing advisors and experts to assist the ministry in managing public debt and improving the tax system.
In the context of enhancing financial stability, it was agreed to intensify cooperation with foreign correspondent banks, which would contribute to facilitating foreign trade financing operations and enhancing the use of the Iraqi dinar in major transactions.
In conclusion, the statement stressed that the meetings confirmed the continued progress in financial and economic reforms, reflecting the Iraqi government’s commitment to achieving financial sustainability that supports development and drives investment, in light of an ongoing strategic partnership with the International Monetary Fund. https://www.mawazin.net/Details.aspx?jimare=259926
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